Trading of ABS-CBN shares suspended anew

MANILA, Philippines – Trading of shares of media giant ABS-CBN was suspended for a second time this year after the company lost its bid to secure a new franchise last week.

The Philippine Stock Exchange (PSE) implemented a trading suspension on ABS-CBN shares yesterday “in view of the foregoing resolution adopted by the Committee on Legislative Franchises on the non-renewal of the company’s franchise.”

ABS-CBN is required to submit a full disclosure on the impact of the non-renewal of its legislative franchise on the business, financial condition and operations of the company, its prospects and business plan moving forward, as well as other material information for the investing public.

The trading suspension will be lifted one trading day after dissemination of the full disclosure to the investing public.

This was the second time this year that a trading suspension is being implemented on ABS-CBN shares.

Last May 6, trading of shares of the company was suspended after the broadcast giant was ordered to shut down through a cease and desist order issued by the National Telecommunications Commission.

The trading suspension was lifted on May 18.

Shares of ABS-CBN Corp. closed at P14.78 last Friday, the same day the House Committee on Legislative Franchises denied the network’s bid for a new franchise.